BEND, Ore., Aug. 2, 2016 /PRNewswire/ -- Cascade Bancorp
(NASDAQ: CACB) ("Company" or "Cascade"), the holding company for
Bank of the Cascades, today announced the completion of the
acquisition of Prime Pacific Financial Services, Inc. ("Prime
Pacific"), the holding company for Prime Pacific Bank, N.A.
headquartered in Lynnwood,
Washington.
Prime Pacific, had on a consolidated basis, approximately
$122.9 million in assets,
$100.7 million in net loans, and
$101.3 million in total deposits at
June 30, 2016.
"I am very pleased to announce that we have completed our
acquisition of Seattle based Prime
Pacific Bank, and I am excited to welcome all of our new customers
and employees to the Bank of the Cascades. I am confident
that our focus on delivering expanded services with an enhanced
capacity to support business and personal financial needs will
exceed expectations," said Terry
Zink, Chief Executive Officer of Bank of the Cascades. "We
are proud of our 40 year history as a leading Northwest bank
committed to helping customers and their communities thrive.
Seattle represents an exciting
market where we see the opportunity to expand the Cascade brand and
believe Prime Pacific Bank is the perfect complement to our
existing downtown Seattle
commercial banking center as we strive to build a significant local
presence with strong market share."
The acquisition of Prime Pacific provided Bank of the Cascades
with the opportunity to expand its footprint into new Washington markets, including Lynnwood, Kenmore, and Mill Creek. With the
addition of three new branches in these communities, Cascade was
pleased to offer continued employment to Prime Pacific
employees. The conversion process of transferring Prime
Pacific Bank accounts to Bank of the Cascades is expected to be
completed in late October.
The transaction reflects Bank of the Cascades' continued effort
to become the Northwest's premier community bank that is committed
to supporting the financial well-being of both customers and local
economies. Cascade's strategic goal is to grow the bank to
$5 billion in assets over time
through both organic loan growth and value-enhancing acquisitions
in the Northwest. This acquisition solidifies Cascade as one
of the fastest-growing banks in the region while improving its
deposit market share to a top three ranking in many of their
communities.
The transaction with Prime Pacific marks Bank of the Cascades'
third acquisition in the last two years. In March 2016, Bank of the Cascades acquired 15
former Bank of America branches in Southern and Coastal Oregon and
Western Washington. In 2014, Bank of the Cascades acquired
Nampa, Idaho-based Home Federal
Bank, which significantly expanded its presence in Southwest Idaho and Oregon. These three acquisitions solidify Bank
of the Cascades as one of the fastest-growing banks in the region
and improves its deposit market share to a top three ranking in
many of their communities.
Piper Jaffray & Co. served as
financial advisor and Hunton & Williams LLP served as legal
counsel to Cascade Bancorp. D.A.
Davidson & Co. served as financial advisor and
Miller Nash Graham & Dunn LLP
served as legal counsel to Prime Pacific Financial Services,
Inc.
About Bank of the Cascades
Bank of the Cascades is the
principal subsidiary of Cascade Bancorp (NASDAQ: CACB).
Headquartered in Bend, Oregon,
Bank of the Cascades delivers personalized relationship banking,
competitive financial products and advanced technology applied for
the convenience of customers. Founded in 1977, Bank of the Cascades
offers full-service community banking through 51 branches in
Oregon, Idaho, and Washington. The Bank has a business strategy
that focuses on delivering the best in community banking for the
financial well-being of customers and shareholders. It executes its
strategy through the consistent delivery of full relationship
banking focused on attracting and retaining value-driven customers.
For more information, visit www.botc.com.
Forward Looking Statements
This release contains
forward-looking statements about Cascade Bancorp's plans and
anticipated results of operations and financial condition. These
statements include, but are not limited to, our plans, objectives,
expectations, and intentions and are not statements of historical
fact. When used in this report, the word "expects," "believes,"
"anticipates," "could," "may," "will," "should," "plan,"
"predicts," "projections," "continue" and other similar expressions
constitute forward-looking statements, as do any other statements
that expressly or implicitly predict future events, results or
performance, and such statements are made pursuant to the safe
harbor provisions of the Private Securities Litigation Reform Act
of 1995. Certain risks and uncertainties and Cascade Bancorp's
success in managing such risks and uncertainties and could cause
actual results to differ materially from those projected and/or
adversely affect our results of operations and financial
condition. Such factors could include: local and national
economic conditions, housing/real estate market prices, employment
and wages rates, as well as historically low interest rates and/or
the rate of change in such rates. Such factors,
depending on severity, could adversely affect credit quality,
collateral values, including real estate collateral and OREO (other
real estate owned) properties, investment values, liquidity, the
pace of loan growth and /or originations, the adequacy of reserves
for loan losses, including the trend and amount of loan charge offs
and delinquency rates. These factors may be exacerbated by our
concentration of operations in the States of Oregon, Idaho
and Washington generally, and
Central, Southern and Northwest
Oregon, as well as the greater Boise/Treasure Valley, Idaho and greater Seattle, Washington areas, specifically;
interest rate changes could significantly reduce net interest
income and negatively affect funding sources; competition among
financial institutions could increase significantly; competition or
changes in interest rates could negatively affect net interest
margin, as could other factors listed from time to time in Cascade
Bancorp's reports filed with or furnished to the Securities and
Exchange Commission (the "SEC"); the reputation of the financial
services industry could further deteriorate, which could adversely
affect our ability to access markets for funding and to acquire and
retain customers; and existing regulatory requirements, changes in
regulatory requirements and legislation (including, without
limitation, the Dodd-Frank Wall Street Reform and Consumer
Protection Act) and our inability to meet those requirements,
including capital requirements and increases in our deposit
insurance premium, could adversely affect the businesses in which
we are engaged, our results of operations and our financial
condition. Such forward-looking statements also include, but are
not limited to, statements about our anticipated acquisition of
branches from Bank of America, our strategy to expand our loan
portfolio to markets outside our branch network, including
Portland, Oregon and Seattle, Washington, and our ability to
execute our business plan. Additional risks and uncertainties are
identified and discussed in Cascade Bancorp's reports filed with or
furnished to the SEC and available at the SEC's website at
www.sec.gov. However, you should be aware that these factors are
not an exhaustive list, and you should not assume these are the
only factors that may cause our actual results to differ materially
from our expectations. These forward-looking statements speak only
as of the date of this release. Cascade Bancorp undertakes no
obligation to update or publish revised forward-looking statements
to reflect the impact of events or circumstances that may arise
after the date hereof, except as required by applicable law.
Readers should carefully review all disclosures filed or furnished
by Cascade Bancorp from time to time with the SEC.
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SOURCE Cascade Bancorp